Per the first South Carolina Constitution of 1776, the Treasurer was elected by the General Assembly, and this continued until the 1868 South Carolina Constitution specified that this Officer be elected by the people. For a while, the State required two Treasurers, one in Columbia and one in Charleston.

The State Treasurer receives and disburses funds from all sources and distributes shared revenue to local subdivisions. The Office manages and reconciles all bank accounts for the state, collects and transfers deferred compensation funds to the fund manager. The Office tracks the flow of cash revenues and expenditures, funding accounts as needed and reports balances to the investment division to take advantage of all current and anticipated deposits.

The State Treasurer is responsible for budgeting, planning and accounting, human resources management, payroll, procurement, IT support, legislative and constituent services, and internal audit.

The State Treasurer is responsible for the issuance and maintenance of all state debt; maintains the state’s lease purchase fund; provides advice and counsel on other debt related issues.

The State Treasurer manages the state’s tuition prepayment and other 529 college savings plan.

The State Treasurer invests and manages state funds and fixed income portion of the state’s retirement portfolios. Responsible for all accounting and reporting on these funds. Responsible for investment of the state’s local government investment pool, receiving and transferring funds to local governments as needed.

The State Treasurer maintains all files, processes all claims and receives all monies due to the state’s unclaimed property program.